SEC: Man hid money to avoid paying $6M fine in fraud case

PORTLAND, Maine (AP) " Federal securities officials want a former Portland, Maine, developer to pay a nearly $6 million fine he accepted in a 2010 settlement.

The Portland Press Herald reports ( ) the Securities and Exchange Commission filed a motion in September in Philadelphia saying Michael Liberty, of Windermere, Florida, hid money and lied about being unable to pay the remaining $5.4 million.

The SEC alleged Liberty improperly diverted more than $9 million of a $100 million venture capital fund to himself or associates.

Liberty agreed to settle the allegations. A judge cut the fine to $600,000 after Liberty told the SEC his net worth was negative $29 million.

His lawyer counter-filed and says Liberty was telling the truth about his financial condition.

Liberty pleaded guilty Monday in Maine in an illegal campaign contributions case.


Information from: Portland Press Herald,

This story has been automatically published from the Associated Press wire which uses US spellings

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